Pre-owned Vehicles Market to Reach US$ 446.4 Billion, Garnering at a 3.4% CAGR by 2034: Transparency Market Research Inc.

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Jul 24, 2024, 05:30 ET

Pre-owned vehicles typically come at lower prices than new ones, attracting budget-conscious consumers.

WILMINGTON, Del., July 24, 2024 /PRNewswire/ -- The pre-owned vehicles market was projected to attain US$ 311.1 billion in 2023. It is likely to garner a 3.4% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 446.4 billion. Escalating prices of new vehicles push consumers towards more affordable used options. Accessible financing and leasing options make it easier for consumers to purchase pre-owned vehicles.

Growth in digital platforms enables easier browsing, comparison, and purchasing of used vehicles online. Manufacturer-backed certification programs offer warranties and assurances on used vehicles, boosting consumer confidence. Increasing availability of used electric and hybrid vehicles as their popularity grows in the new vehicle market. Adoption of advanced technologies like AI for vehicle inspection and blockchain for transparency in transactions enhances market growth.

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Subscription and leasing services offer alternatives to traditional ownership, appealing to a broader consumer base. Increasing variety of models and trim levels available in the pre-owned market cater to varied consumer preferences. Consumers are more aware of new vehicle depreciation rates, opting for pre-owned vehicles to avoid initial depreciation. Rise of vehicle subscription services allows consumers to access vehicles without the commitment of ownership, appealing to urban dwellers and tech-savvy individuals.

Integration of pre-owned vehicles into MaaS platforms offers convenient transportation solutions in urban areas. Growth of online auction platforms and marketplaces facilitates easier buying and selling of used vehicles globally.

Pre-owned Vehicles Market Report Scope:

Report Coverage	Details
Forecast Period	2024-2034
Base Year	2020-2022
Size in 2023	US$ 311.1 Bn
Forecast (Value) in 2034	US$ 446.4 Bn
Growth Rate (CAGR)	3.4 %
No. of Pages	170 Pages
Segments covered	By Vehicle Type, By Propulsion, By Distribution Channel, By Mode of Selling, By Certification Status, By Purchase Type

Pre-owned Vehicles Market: Key Players

The pre-owned vehicles market is highly competitive, driven by technological advancements, consumer preferences for value and quality, and strategic initiatives aimed at enhancing customer satisfaction and market share. The following companies are well known participants in the pre-owned vehicles market:

AutoNation
Autotrader Inc
CarGurus, Inc.
CarMax Enterprise Services, LLC
Carvana
Copart Inc.
DriveTime
Enterprise Holdings Inc.
Group 1 Automotive Inc.
The HERTZ CORPORATION
LEE MOTOR COMPANY
Penske Automotive Group Inc.
Shift
Sonic Automotive
TrueCar Inc.
Vroom

Key Developments

In 2023, Jardine Cycle & Carriage Limited, the investment arm of Hong Kong-based Jardine Matheson, partnered with Southeast Asian car marketplace Carro. According to a joint statement, this collaboration will allow Carro to expand its inventory with a wider range of top-tier used vehicles. Simultaneously, Carro will enhance Republic Auto's digital services and product offerings. The alliance is designed to bolster both companies' market positions and elevate customer satisfaction through improved service delivery.
In 2022, Lexus, a subsidiary of TOYOTA MOTOR CORPORATION, introduced the Lexus Certified Programme in India. This strategic initiative aims to enhance the resale value of current Lexus vehicle owners' automobiles. Additionally, it seeks to make Lexus models more accessible and affordable for potential customers in the Indian market. By launching this certified program, Lexus aims to increase customer satisfaction and strengthen its brand presence in the Indian automotive industry.

Key Findings of Market Report

Utilization of data analytics for vehicle pricing, market trends, and consumer preferences enables more informed decision-making in the pre-owned vehicle market.
Accessibility to competitive financing rates and flexible loan terms makes purchasing pre-owned vehicles more feasible for a broader range of consumers.
Increased adoption of ride-sharing and carpooling services boosts demand for pre-owned vehicles among service providers looking to expand their fleets economically.
Adoption of virtual vehicle inspections via AI and AR technologies streamlines the buying process, reducing barriers for remote buyers.

Market Trends for Pre-owned Vehicles

By vehicle type, the passenger vehicles segment, SUVs in particular, is expected to propel the growth of the pre-owned vehicles market.
SUVs have become increasingly popular due to their versatility, spaciousness, and perceived safety advantages, driving demand in both new and pre-owned markets.
SUVs generally hold their value better than other vehicle types, making them more attractive as pre-owned purchases.
Newer SUV models often come equipped with advanced features (such as infotainment systems, driver assistance technologies) that retain consumer interest in pre-owned markets.
SUVs are often perceived as durable and capable of handling various road conditions, which enhances their appeal in the pre-owned market.
On the basis of propulsion, the electric vehicles segment is anticipated to accelerate the market growth.
Rapid advancements in electric vehicle technology have led to improved battery life, range, and performance, making pre-owned EVs more attractive to buyers.

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Global Market for Pre-owned Vehicles: Regional Outlook

North America

Vehicles are lasting longer due to improved manufacturing quality and maintenance practices, making older models more attractive.
Certification programs for pre-owned vehicles, such as manufacturer-backed warranties and inspections, enhance consumer trust and confidence in the quality of used cars.

Asia Pacific

Government initiatives promoting the sale and adoption of pre-owned vehicles, such as tax incentives and relaxed import regulations, stimulate market growth.
Growth in digital platforms and online marketplaces for buying and selling vehicles facilitates easier transactions and expands market reach beyond traditional dealerships.

Pre-owned Vehicles Market Segmentation

By Vehicle Type

Two Wheelers
Three Wheelers
Passenger Vehicles
Hatchbacks
Sedans
SUVs
Light Commercial Vehicles
Heavy Duty Trucks
Buses & Coaches
Off-road Vehicles
Agriculture Tractors & Equipment
Construction & Mining Equipment

By Propulsion

Gasoline
Diesel
Electric

By Distribution Channel

Organized Dealers
Multi Brand Retailers
Direct Dealership Sales Agents
Unorganized Dealers
Others

By Mode of Selling

Online
Dealership Walk-ins

By Certification Status

Certified Pre-Owned (CPO)
Warranty
Inspection
Documentation
Non-certified Vehicles

By Vehicle Age

Less than 5 Years
6 - 10 Years
More than 10 Years

By Purchase Type

One-time Payment
Financing
Others

By Region

North America
South America
Europe
Asia Pacific
Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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